BioHarvest Sciences Inc.
BHST Consumer Defensive Packaged Foods
BioHarvest Sciences Inc.’s revenue for fiscal 2025 (year ended December 2025) was $34.5 million, up 37.0% from fiscal 2024. In the quarter to June 2026, revenue grew 3.78%, EPS grew 29.2%, free cash flow fell 64.0% and total debt fell 73.3%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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BioHarvest Sciences Inc. (BHST) Beneish M-score
BioHarvest Sciences Inc.'s Beneish M-score for fiscal 2025 is −2.41; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.41 | (0.34) |
| FY2024 | −2.08 | (1.36) |
| FY2023 | −0.72 | 2.39 |
| FY2022 | −3.11 | (2.58) |
| FY2021 | −0.53 | 4.08 |
| FY2020 | −4.60 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.18 | — | 1.08 | |
| Gross margin index | 0.93 | — | 0.49 | |
| Asset quality index | 0.49 | — | 0.20 | |
| Sales growth index | 1.37 | — | 1.22 | |
| Depreciation index | 0.85 | — | 0.10 | |
| SG&A index | 0.94 | — | −0.16 | |
| Total accruals to total assets | (0.08) | — | −0.38 | |
| Leverage index | 0.37 | — | −0.12 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.41 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| HAIN The Hain Celestial Group, Inc. compare | −4.4× |
| BRLS Borealis Foods Inc. compare | −3.8× |
| BRID Bridgford Foods Corporation compare | −2.7× |
| BHST BioHarvest Sciences Inc. | −2.4× |
| LSF Laird Superfood, Inc. compare | −2.0× |
| JVA Coffee Holding Co., Inc. compare | −1.5× |
| BOF BranchOut Food Inc. compare | −0.8× |
| SRXH SRX Global Inc. compare | — |
| YGFGF YanGuFang International Group Co., Ltd. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI